An inventory acquisition is received late in the afternoon of ...

[cyc028]

Question 1

A document review of which of the following is most likely to yield evidence of any unrecorded liabilities?
◦ debit memos
◦ vendor memos
◦ unpaid accounts payable
◦ sales invoices out of sequence

Question 2

An inventory acquisition is received late in the afternoon of December 31 after the physical inventory is completed. If the acquisition is included in accounts payable and purchases, but excluded from inventory, the result
◦ is an understatement of net earnings.
◦ is an overstatement of net earnings.
◦ is an overstatement of working capital.
◦ is an overstatement of owner's equity.

[msgero]

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[cyc028]

Thanks for the timely response, appreciate it

[lkanara2]

Gracias!